Monday 19 November 2018
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China approves American Express JV to set up clearing institution

BEIJING - China s central bank said on Friday it has approved an application from American Express lt;AXP.N gt; Chinese joint venture to start preparations for setting up a clearing institution in the country. The JV is required to complete operation preparations within one year and get a nod from the central bank before running the bank cards clearing business, the People s Bank of China said in a statement on its website. REUTERS

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